The Tissue Engineering Market is estimated to be valued at US$ 10570.17 Mn in 2023 and is expected to exhibit a CAGR of 11 % over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Tissue engineering involves developing implantable replacement tissues and organs to restore, maintain, and improve damaged tissues and organs in the human body. It utilizes a combination of cells, engineering, materials methods, and suitable biochemical and physicochemical factors to develop biological substitutes that can restore and maintain normal function in diseased tissues or organs. Tissue engineering as a field offers advantages such as enhanced bioavailability and biocompatibility, reduced toxicity and side effects, and increased stability of bioactive compounds.
Market key trends:
Rapid advancement in the field of regenerative medicine is one of the major trends witnessed in the global tissue engineering market. Tissue engineering products are widely used regenerate tissues including cartilage, bones, skin and others. For instance, scientists have developed techniques to regenerate spinal cord injuries, growing tissues in a lab to replace damaged body parts, and engineering human limbs using regenerative medicine techniques. Moreover, growing popularity of regenerative medicines for treating chronic wounds and injuries especially among geriatric population is expected to drive the demand for tissue engineering in the near future. An increasing focus on developing 3D printed organs using bioprinting techniques for transplantation procedures is also expected to boost the market growth over the forecast period.
Porter's Analysis
Threat of new entrants: Low barrier for new companies to enter the market but new entrants face challenge of establishing brand recognition, gaining customers' trust and competing with large established players.
Bargaining power of buyers: The bargaining power of buyers is moderate as there are many established players however the need for tissue engineering products is rising due to increase in degenerative diseases and aging population.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as raw materials are abundantly available but some key raw materials require specialized sourcing.
Threat of new substitutes: Threat of new substitutes is low as tissue engineering is promising new solution and alternatives are still in development stage.
Competitive rivalry: Intense competition exists among existing players to gain market share.
SWOT Analysis
Strength: Advanced technologies, huge R&D investments, strong distribution network.
Weakness: High production costs, regulatory compliance issues, reimbursement challenges.
Opportunity: Rising incidence of chronic diseases, growing medical tourism, expansion in emerging markets.
Threats: Stringent regulatory approvals, intellectual property theft, reimbursement cuts.
Key Takeaways
The Global Tissue Engineering Market Growth is expected to witness high growth, exhibiting CAGR of 11% over the forecast period, due to increasing prevalence of chronic diseases and aging population leading to greater demand for tissue replacement therapies. North America dominates the global market currently owing to presence of advanced healthcare facilities and high healthcare spending.
Regionally, Asia Pacific is expected to witness fastest growth during the forecast period driven by rising medical tourism, growing incidence of chronic lifestyle diseases and increasing healthcare expenditures in major countries like China and India.
Key players operating in the tissue engineering market are Acelity L.P. Inc., Allergan Plc., Athersys, Inc., B. Braun, BioMimetic Therapeutics, Bio Tissue Technologies, C. R. Bard, International Stem Cell, Integra Lifesciences, Medtronic, Inc., Organogenesis Inc., Osiris Therapeutics, RTI surgical, Inc., Stryker Corporation, Tissue Regenix Group Plc., and Zimmer Biomet. These players are focused on new product launches, mergers & acquisitions and geography Expansions to strengthen their market position.
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